07-19-2016, 05:17 AM
Real-world example: 3 acre ag-zoned lot in Waiakea Homesteads:
Full assessed value: $178500; tax = $1651.
With dedicated ag exemption: valued at $9000 for tax purposes; tax = $100.
(Dedicated exemption value is 50% of the formulated rate; so a non-dedicated exemption for this property would probably be $18000 valuation, with tax remaining at $100.)
I've driven by this lot; it's vacant and overgrown (except where someone has string-trimmed around the For Sale sign), there is no "ag" happening, which suggests that County (that is to say, "we the people") is being "cheated" out of $1551/year.
Full assessed value: $178500; tax = $1651.
With dedicated ag exemption: valued at $9000 for tax purposes; tax = $100.
(Dedicated exemption value is 50% of the formulated rate; so a non-dedicated exemption for this property would probably be $18000 valuation, with tax remaining at $100.)
I've driven by this lot; it's vacant and overgrown (except where someone has string-trimmed around the For Sale sign), there is no "ag" happening, which suggests that County (that is to say, "we the people") is being "cheated" out of $1551/year.